Three Star Hydro Power IPO Allotment Concludes: Lucky 61,316 Applicants Allotted 10 Units Each via Lottery System
Tue, Jul 4, 2023 10:26 AM on IPO/FPO Result News, Latest,
The IPO allotment of Three Star Hydro Power Limited is concluded today at the premises of Himalayan Capital Limited, Kathmandu.
The Hydropower had issued 613,162 unit IPO shares of Rs 100 face value to the general public from 5th to 8th Ashad, 2080.
Earlier, the company had issued 492,500 unit shares worth Rs. 4.92 crores to the project-affected locals of Khotang District and 73,875 unit shares to Nepalese citizens working abroad. Overall, 75% of shares are of the promoter shareholders in the company.
Out of the total 738,750 units; 10% i.e. 73,875 units have already been issued and allotted to Nepalese citizens working abroad, 5% of the total offered shares i.e. 36,938 units have been set aside for the mutual funds while 2% i.e 14,775 units have been set aside for the employees of the company. The remaining 613,162 units are for the general public. The paid-up capital of the company will reach Rs. 49.25 Crores after the IPO issuance.
The issue had received applications from 10,21,198 valid applicants who had applied for a total of 1,09,44,560 units. The issue was oversubscribed by more than 17.84 times.
As per the allotment module, a total of 61,316 applicants were allotted 10 units each via lottery and 2 lucky applicants get 1 unit extra and the remaining 9,59,882 applicants were returned with empty hands.
In total 2,848 applicants who applied for 35,200 units were disqualified by CASBA members for duplicate application.
Allotment Module:
The IPO result can be accessed by CDSC IPO Result, MeroShare, and Himalayan Capital Limited.
ICRA Nepal has assigned an issuer rating of Three Star Hydropower Limited to [ICRANP-IR] B- (pronounced ICRA NP issuer rating B minus). Issuers with this rating are considered to have a high risk of default regarding the timely servicing of financial obligations.
Three Star Hydropower Limited is a public company with its site located in Province 1, Haleshi Tuwachung Municipality, Khotang. This hydropower project was established back in 2072 BS. With a total capacity of 7.151 MW, this hydro project received Survey License on 2073.07.09 BS and Generation License on 2074.09.03 BS. Kumar Kharel, Mohan Karki, and Madhav Mainali; the three founders named the company after them and then - named Three Star Hydro. These three were later joined by Uddhav Raj Shivakotee 'Kangal', Pradeep K Agrawal, Ananda P Manandhar, Zen Lama, and Ratna Bdr Newar.
